Latest Ratios: P/E Ratio 39.9x · EV/EBITDA 7.4x · ROE 5.9%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $39.4B | $33.9B | $29.7B | $45.8B | $27.4B | $27.3B | $26.6B | $33.2B | $30.2B | $33.0B | $26.8B |
| Enterprise Value | $47.7B | $42.2B | $35.3B | $113.6B | $229.1B | $182.8B | $166.0B | $140.3B | $96.8B | $157.9B | $200.4B |
| P/E Ratio → | 39.89 | 34.85 | 23.75 | 0.70 | 1.13 | 1.38 | — | 1.64 | 1.34 | 0.82 | 1.29 |
| P/S Ratio | 0.84 | 0.73 | 0.79 | 0.07 | 0.05 | 0.05 | 0.05 | 0.07 | 0.06 | 0.07 | 0.07 |
| P/B Ratio | 2.12 | 1.85 | 1.62 | 0.12 | 0.08 | 0.08 | 0.09 | 0.10 | 0.09 | 0.10 | 0.09 |
| P/FCF | 24.47 | 21.03 | 21.47 | 3.96 | 0.68 | 0.52 | 0.81 | 0.91 | 1.26 | 2.07 | 0.93 |
| P/OCF | 10.00 | 8.59 | 8.53 | 0.92 | 0.38 | 0.37 | 0.50 | 0.54 | 0.64 | 0.82 | 0.53 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.90 | 0.94 | 0.16 | 0.38 | 0.36 | 0.34 | 0.28 | 0.21 | 0.36 | 0.50 |
| EV / EBITDA | 7.40 | 6.54 | 7.90 | 1.50 | 2.46 | 2.57 | 2.73 | 2.09 | 1.61 | 2.85 | 3.94 |
| EV / EBIT | 11.92 | 10.67 | 11.42 | 2.09 | 3.65 | 3.49 | 4.51 | 2.95 | 2.36 | 4.15 | 5.56 |
| EV / FCF | — | 26.18 | 25.52 | 9.83 | 5.71 | 3.46 | 5.02 | 3.84 | 4.03 | 9.90 | 6.97 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 40.6% | 40.6% | 41.1% | 39.8% | 40.5% | 40.8% | 38.5% | 37.8% | 37.3% | 36.8% | 37.1% |
| Operating Margin | 8.6% | 8.6% | 8.9% | 8.2% | 10.7% | 10.6% | 8.7% | 9.7% | 9.1% | 9.2% | 9.4% |
| Net Profit Margin | 2.3% | 2.3% | 3.4% | 9.3% | 4.0% | 5.6% | -0.4% | 4.1% | 5.1% | 9.6% | 5.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 5.9% | 5.9% | 0.6% | 18.3% | 7.1% | 8.9% | -0.6% | 6.3% | 7.1% | 13.6% | 8.0% |
| ROA | 2.5% | 2.5% | 0.3% | 8.2% | 3.1% | 4.0% | -0.3% | 3.4% | 4.1% | 7.5% | 4.4% |
| ROIC | 11.9% | 11.9% | 1.1% | 8.8% | 9.3% | 8.6% | 7.3% | 8.9% | 7.5% | 6.6% | 7.4% |
| ROCE | 12.6% | 12.6% | 1.0% | 9.3% | 10.4% | 9.2% | 8.0% | 10.1% | 9.0% | 8.6% | 9.4% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.78 | 0.78 | 0.67 | 0.62 | 0.84 | 0.75 | 0.80 | 0.53 | 0.38 | 0.66 | 0.76 |
| Debt / EBITDA | 2.21 | 2.21 | 2.76 | 3.08 | 3.07 | 3.55 | 4.07 | 2.57 | 2.14 | 4.01 | 4.28 |
| Net Debt / Equity | — | 0.45 | 0.31 | 0.18 | 0.60 | 0.46 | 0.45 | 0.33 | 0.20 | 0.37 | 0.61 |
| Net Debt / EBITDA | 1.29 | 1.29 | 1.25 | 0.90 | 2.17 | 2.18 | 2.30 | 1.59 | 1.11 | 2.26 | 3.42 |
| Debt / FCF | — | 5.15 | 4.04 | 5.86 | 5.02 | 2.95 | 4.22 | 2.93 | 2.77 | 7.83 | 6.04 |
| Interest Coverage | 3.87 | 3.87 | 3.66 | 3.17 | 4.34 | 3.50 | 2.32 | 4.24 | 4.07 | 3.27 | 5.56 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.35 | 1.35 | 1.69 | 1.95 | 1.28 | 1.69 | 1.70 | 1.26 | 1.75 | 1.73 | 1.37 |
| Quick Ratio | 1.02 | 1.02 | 1.35 | 1.63 | 0.93 | 1.32 | 1.31 | 0.95 | 1.38 | 1.38 | 0.97 |
| Cash Ratio | 0.61 | 0.61 | 0.90 | 1.05 | 0.47 | 0.89 | 0.91 | 0.57 | 0.92 | 0.94 | 0.51 |
| Asset Turnover | — | 1.06 | 0.92 | 0.87 | 0.75 | 0.69 | 0.72 | 0.79 | 0.81 | 0.75 | 0.73 |
| Inventory Turnover | 7.19 | 7.19 | 6.82 | 7.27 | 5.71 | 5.88 | 6.64 | 7.44 | 7.92 | 7.70 | 7.25 |
| Days Sales Outstanding | — | 34.25 | 32.47 | 39.33 | 39.80 | 37.66 | 20.92 | 21.35 | 21.88 | 26.81 | 20.12 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 7.1% | 8.2% | 4.1% | 26.7% | 63.8% | 49.1% | 59.6% | 41.0% | 42.8% | 37.7% | 45.0% |
| Payout Ratio | 256.9% | 256.9% | 93.8% | 18.6% | 73.2% | 47.0% | — | 65.8% | 53.9% | 29.4% | 57.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.5% | 2.9% | 4.2% | 143.5% | 88.6% | 72.7% | — | 61.2% | 74.4% | 121.6% | 77.5% |
| FCF Yield | 4.1% | 4.8% | 4.7% | 25.2% | 146.2% | 193.4% | 124.1% | 110.0% | 79.5% | 48.4% | 107.3% |
| Buyback Yield | 1.7% | 2.0% | 3.3% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 8.9% | 10.2% | 7.3% | 26.7% | 63.8% | 49.1% | 59.6% | 41.0% | 42.8% | 37.7% | 45.0% |
| Shares Outstanding | — | $335M | $347M | $351M | $351M | $351M | $351M | $351M | $351M | $351M | $351M |
Includes 30+ ratios · 30 years · Updated daily
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10-year return with dividends reinvested.
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Quick answers to the most common questions about buying FMX stock.
Fomento Económico Mexicano, S.A.B. de C.V.'s current P/E ratio is 39.9x. The historical average is 3.5x. This places it at the 100th percentile of its historical range.
Fomento Económico Mexicano, S.A.B. de C.V.'s current EV/EBITDA is 7.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 2.2x.
Fomento Económico Mexicano, S.A.B. de C.V.'s return on equity (ROE) is 5.9%. The historical average is 9.5%.
Based on historical data, Fomento Económico Mexicano, S.A.B. de C.V. is trading at a P/E of 39.9x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Fomento Económico Mexicano, S.A.B. de C.V.'s current dividend yield is 7.14% with a payout ratio of 256.9%.
Fomento Económico Mexicano, S.A.B. de C.V. has 40.6% gross margin and 8.6% operating margin.
Fomento Económico Mexicano, S.A.B. de C.V.'s Debt/EBITDA ratio is 2.2x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Margin compression amid rapid growth
Valuation Reflects Growth, Not Profitability
FMX trades at a forward EV/EBITDA of 4.40, a significant discount to global beverage peers like PEP (13.17) and CCEP (14.87), suggesting the market is pricing in its conglomerate structure and recent margin volatility rather than its top-line acceleration.
The forward P/E of 21.19 appears reasonable relative to the peer group, but the stark discount in EV/EBITDA indicates the market is applying a substantial conglomerate discount to the sum of its parts. This valuation gap may persist until the 'FEMSA Forward' strategy delivers a more simplified, higher-margin earnings profile. The current multiple implies the market is skeptical of the sustainability of the recent 24.4% revenue growth translating into durable free cash flow.
Gross Margin Resilience vs. Net Margin Erosion
Despite a stable gross margin of 40.1% in Q2 2026, FMX's net margin has compressed to just 2.4%, indicating that SG&A and other operating costs are consuming nearly all gross profit gains, a trend that warrants close monitoring.
The operating margin of 8.3% in Q2 2026, while positive, is below the 10.9% peak seen in Q4 2025, suggesting limited operating leverage as the company scales. The persistent gap between gross and net margin points to a structural cost burden, likely from the labor-intensive OXXO network and the integration of new digital services like Spin. This margin profile is significantly weaker than pure-play beverage peers like KO (27.3% net margin), highlighting the different economic drivers of FMX's retail-heavy model.
Low Returns on a Restructured Capital Base
FMX's ROE of 1.9% in Q2 2026 and ROIC of 2.3% in Q1 2026 are dramatically below the peer group average, suggesting the company is not yet generating adequate returns on the capital deployed in its simplified, post-divestment structure.
The collapse in total equity from $295.0B to $12.4B, as noted in prior balance sheet analysis, has not yet been matched by a proportional increase in net income, leading to depressed returns. The low ROIC indicates that the capital freed up from divesting Heineken and other assets has not yet been redeployed into high-return organic growth or acquisitions. Investors should monitor whether the investment in OXXO's digital ecosystem and store expansion begins to drive a meaningful inflection in these metrics.
Moderate Leverage Amid Structural Change
The debt-to-equity ratio of 0.84 in Q2 2026, while higher than the 0.65 level in early 2024, remains manageable, and the interest coverage ratio of 3.55 suggests debt service is comfortable despite the recent corporate restructuring.
The increase in leverage appears to be a deliberate part of the capital structure optimization following major divestments, rather than a sign of financial distress. The D/EBITDA ratio of 12.90 in Q2 2026 is elevated but likely distorted by the timing of divestment proceeds and accounting adjustments; the more stable interest coverage metric provides a clearer picture of debt serviceability. The company's low debt-to-equity ratio of 0.78% mentioned in the business cycle analysis provides a solid foundation for navigating a rising rate environment.
The Misapplied ROE Metric
The most commonly misapplied ratio for FMX is Return on Equity (ROE), which is currently 1.9% and appears deeply unattractive, but this metric is severely distorted by the massive, non-cash reduction in equity from the Heineken divestment and related accounting adjustments.
Using ROE to evaluate FMX's current profitability is misleading because the equity base has been artificially compressed by one-time events, not operational performance. A more appropriate metric for assessing core earning power is Return on Invested Capital (ROIC), though even this is currently low. Analysts should instead focus on segment-level margins and same-store sales growth at OXXO to gauge the true health of the business, as the consolidated ROE will remain volatile until the capital structure fully stabilizes post-restructuring.